Share buy-back programme

1 November 2023

India Capital Growth Limited
LEI: 213800TPOS9AM7INH846

Share buy-back programme

This announcement contains inside information

India Capital Growth Limited ("the Company") announces that it will commence a programme to conduct market purchases of ordinary shares of 1 pence each in the Company ("shares") up to a maximum aggregate purchase price of £5,000,000 (the "Programme").

The Company has entered into an agreement ("the buy-back agreement") with its broker, Shore Capital Stockbrokers Ltd ("Shore"), in relation to the Programme whereby Shore will make the trading decisions concerning the timing of the market purchases of shares independently of and uninfluenced by the Company, with such trading decisions being in accordance with the terms of the Programme. Purchases may continue during any periods during the term of the Programme when the Company itself would be prohibited from dealing by the UK version of the Market Abuse Regulation 596/2014/EU (which is part of UK law by virtue of the European Union (Withdrawal) Act 2018) ("UK MAR").

The Company confirms that it currently has no unpublished inside information.

Under the Programme, Shore Capital will repurchase shares within the parameters set out below from the date of this announcement until close of business on 29^th December 2023 (the "buy-back period"). The Company reserves the right to terminate the programme if at any time it deems this to be appropriate and would make an announcement in advance of so doing.

The buy-back agreement provides that purchases of shares during the buy-back period shall be subject to the following parameters:

i.    the minimum price (exclusive of any expenses) at which any share may be purchased shall be its nominal value of 1 pence;

ii.    the maximum price paid per share shall be no more than the higher of: (a) 105% of the average middle market closing prices of the shares for the five dealing days preceding the date of such purchase; and (b) the last independent trade and the highest current independent bid for the shares at the time that the purchase is carried out;

iii.   the price paid per share shall not be more than 97% of Shore Capital's estimate of the net asset value per share on the day of each purchase; and

iv.   the maximum number of shares acquired shall not, in aggregate, exceed 14,417,696 under the general authority granted by the Company's shareholders at the annual general meeting on 27 June 2023.

Any market purchase of shares pursuant to the Programme on any dealing day could represent a significant proportion of the daily trading volume in the shares on the main market of the London Stock Exchange and could exceed 25 per cent. of the average daily trading volume. Shares acquired as a result of the Programme will be held by the Company in treasury and will not have any voting rights.

Details of all purchases made pursuant to the Programme will be announced via RNS and published on the Company's website.

The person responsible for making this announcement on behalf of the Company is Matt Lihou, Company Secretary.

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About India Capital Growth Fund

India Capital Growth Fund Limited the LSE premium listed investment company registered and incorporated in Guernsey, was established to take advantage of long-term investment opportunities in companies based in India. ICGF predominantly invests in listed mid and small cap companies, although investments may also be made in large cap and private Indian companies where the Fund Manager believes long-term capital appreciation will be achieved. www.indiacapitalgrowth.com